(MENAFN) According to statistics published this week, US exploration and production companies are finding accumulations of crude and condensates two times faster than producing them, Times of Oman reported
A new report from the US Energy Information Administration (EIA) showed that proved reserves of crude reached 30.5 billion barrels in the first quarter of 2013, excluding condensates.
Between the end of 2008 and the end of 2012 proved reserves increased by 60 percent to almost 11.5 billion barrels, with 8.4 billion barrels extracted from existing oil and gas fields.
"Estimates change from year to year as new discoveries are made, existing fields are more thoroughly appraised, existing reserves are produced, and prices and technologies change," EIA explains
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